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BREAKING: Oil plunges on reports OPEC will increase production

10:42 AM 3 December 2020

Oil prices took a dive following a report from the Wall Street Journal. Report claims that OPEC and its allies are nearing an agreement to boost oil output slightly. Markets have been hoping for an extension of current production cuts by 3 to 6 months and have been pricing in such a scenario for some time. News from the Wall Street Journal hints that investors could have been wrong and the oil market is reacting to it. WTI plunged from $45.30 to around $44.70 while Brent slumped from $48.40 to $47.70.

Brent and WTI dived on reports that oil producers may boost output instead of extending current cuts. Source: xStation5

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